The Chairman of the WorkCover WA Board, Mr Greg Joyce, has announced a reduction in the recommended premium rates for compulsory workers compensation insurance in the state.
Mr Joyce said that for financial year 2013/14, the average recommended premium rate would fall slightly to 1.668 per cent of total wages for 2013/14, down from 1.691 per cent of total wages for 2012/13.
Mr Joyce said that the recommended premium rates are based on independent advice by the workers compensation scheme actuary, PricewaterhouseCoopers.
“The rate takes into account the latest available data on claims experience provided by insurers, as well as broader economic factors such as movements in interest rates and wages,” he said.
Mr Joyce pointed out that the decrease in 2013/14 is largely the result of continued wages growth in Western Australia.
“However, the positive impact of wages growth is offset by other factors, including increases in claim numbers and associated costs, and reductions in real rates of return for approved insurers,” he said.
Mr Joyce also said that the decrease will not be applied uniformly across all 480 premium rating classifications. Further details of the 2013/14 premium rates in WA are available on the WorkCover WA website.